‘America WON’T be great again!’ China’s top economists say ‘bully’ Washington is shooting itself in the foot and urge Beijing ‘not to be afraid of fighting’ the intensifying trade war
- Group of experts urged Beijing to stick to its guns in trade war with the U.S.
- They said Washington’s sanctions and tariff hikes will harm its own economy
- President Xi has turned to Putin for support after relations with Trump soured
- Trump said today he would speak with Xi before making a decision on tariff hike
- China and the U.S. have exchanged tariffs on $360 billion in two-way trade
China’s top economists have urged its government to stick to their guns and carry on fighting an intensifying trade war with the United States.
The group of experts claimed that Washington’s ‘bully’ behaviour ‘will not make America great again’, mocking the Trump administration by tweaking Donald’s famous slogan during his presidential campaign in 2016.
They said yesterday at a high-profile forum that Washington’s sanctions and tariff hikes would damage no one, but its own economy in the end.
The news comes as Beijing seeks to cosy up to Moscow during its tensions with Washington. President Xi yesterday hailed China and Russia’s ‘unprecedented’ ties during a three-day state visit to his neighbouring country.
A group of Beijing’s leading economists have told their government to stick its ground in an escalating trade war with the U.S. They claimed that Washington’s ‘bully’ behaviour ‘will not make America great again’, mocking the Trump administration by tweaking Donald’s slogan
Xi is on a three-day state visit to ‘best friend’ Putin as China and Russia are celebrating 70 years of diplomatic ties this year. Both nations face mounting political tensions with the U.S
The economists from state-affiliated think tank Chinese Academy of Social Sciences (CASS) condemned the U.S. for harming the order of global trade and bringing ‘severe challenge’ to the worldwide economy.
Wu Baiyi, director of the institute of American studies of CASS, said the U.S. is blaming China on issues that were caused by its own poor management as well as the Capitalist system, according to People’s Daily.
Another expert accused the U.S. of being a big liar. ‘To say that America is suffering loss because it has deficit in trade, this is a massive lie,’ condemned Li Yang, the former deputy director of CASS.
A third participant criticised the U.S. for breaking the global supply chain. Huang Qunhui, director of Institute of Industrial Economics of CASS, said the U.S. is harming the interests of everyone in a globalised economy.
Beijing also accused Washington of reneging on their promise during the trade war talks. The two side failed to reach an agreement on tariffs earlier last month. Xi and Trump are pictured in their bilateral meeting at the G20 Summit in Buenos Aires, Argentina, on December 1, 2018
The experts also urged Beijing to stick its ground in the escalating political tensions because ‘China has sound reasons not to be afraid of fighting the trade war’.
U.S. President Trump said today he would make a decision about ramping up tariffs on China after speaking with Chinese President Xi Jinping at a summit this month in Japan.
Speaking Thursday in France, Trump said: ‘I will make that decision I would say over the next two weeks – probably right after the G-20.’ He was referring to a summit with the leaders of developed and developing countries.
The countries have exchanged tariffs on $360 billion in two-way trade so far in the trade war
Trump ordered tariffs of up to 25 per cent on hundreds of billions of dollars’ worth of Chinese exports.
His administration is preparing to extend them to $300 billion (£236 billion) more – almost all items shipped to the U.S. from China.
Trump ordered the tariffs to pressure China to change its behavior.
China reciprocated by imposing new tariffs on 5,410 American products from June 1.
The tariffs, ranging from five percent to 25 per cent, impact various common items including condoms, perfume, wine, pianos, cordless phones, industrial robots, coffee and ovens.
The two nations, which are also the world’s two largest economies, failed to reach an agreement during their trade talks earlier last month.
They have exchanged tariffs on $360 billion (£285 billion) in two-way trade so far.
Source: Read Full Article